Luo, Danglun; Chen, K. C.; Wu, Lifan - In: Review of development finance 7 (2017) 2, pp. 85-94
risk faced by local firms in China. Using data from 1999 to 2012, we find that prefecture-city official turnovers … significantly increased firm risk. Our results show that the political risk was mitigated when new prefecture-city officials were …